CRIMINAL CAPITALI$M
Scottsdale Promoter Of Offering In OTC Drug Stock Defrauded Investors
Bret Butler Reiss of Scottsdale and his affiliated company, Global Capital and Equity, LLC, have been ordered to to pay $436,500 in restitution to investors and a $30,000 administrative penalty by the Arizona Corporation Commission for committing securities fraud.
The Corporation Commission found Reiss and affiliated company solicited investors to purchase shares of stock in Neurocyte, Inc. Investors were told that Neurocyte, Inc. was set to “go public,” representing the company owned the rights to an over-the-counter migraine pain reliever called Migranade. The Corporation Commission found the respondents misrepresented to investors that some ex-NFL football players and a well-known actor had taken Migranade and experienced relief.
The Corporation Commission found that Reiss met some of the 22 investors through an online dating website but did not inquire as to each investor’s net worth or whether or not the investor would qualify as an accredited investor. Reiss and his affiliated company were not registered to offer or sell securities in Arizona.
The Corporation Commission found Reiss and his company represented to investors that they did not have to be registered to sell Neurocyte stock because it was an exempt offering. Further, the respondents did not tell investors if the company Neurocyte stock was required to be registered and frequently created a sense of urgency for investors to purchase shares.
Owners of Mother Bunch Brewing Must Pay Over $600K For Failing To Pay Taxes
Julie Meeker, Jimmie McBride, and Mother Bunch Brewing Inc. were ordered on Monday to pay restitution and fines totaling nearly $657,000 for failing to pay transaction privilege tax (TPT) and failure to pay Arizona individual income tax.
Mother Bunch, a popular brewery and restaurant, closed in 2020 after five years in business.
In separate cases heard in January 2022, Jimmie McBride, Julie Meeker, and Mother Bunch via Julie Meeker each plead guilty to one count of Failure to Pay Tax, for failing to pay tax to the Arizona Department of Revenue between February 1, 2015 and January 31, 2020.
Julie Meeker, Jimmie McBride, and Mother Bunch Brewing Inc., and Arizona Corporation (Mother Bunch) agreed to pay restitution in the amount of $632,806.70, and a fine totaling $10,000, for failing to pay transaction privilege tax (TPT).
In addition, co-defendants Julie Meeker and Jimmie McBride agreed to pay restitution in the amount of $4,494, and fines totaling $9,575, for failing to pay Arizona individual income tax.
As part of their plea agreements, they each agreed to pay restitution in the amount of $632,806.70 and a fine totaling $10,000 for failing to pay transaction privilege tax (TPT). They were also ordered to pay restitution in the amount of $4,494, and fines totaling $9,575, for failing to pay Arizona individual income tax.
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